Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Deletion of the NMS Linkage Fee, 52192-52193 [E7-17960]

Download as PDF 52192 Federal Register / Vol. 72, No. 176 / Wednesday, September 12, 2007 / Notices Paper Comments • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, Station Place, 100 F Street, NE., Washington, DC 20549–1090. SECURITIES AND EXCHANGE COMMISSION [Release No. 34–56361; File No. SR–Phlx– 2007–66] Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate All submissions should refer to File Effectiveness of Proposed Rule Number SR–Phlx–2007–61. This file Change Relating to Deletion of the number should be included on the subject line if e-mail is used. To help the NMS Linkage Fee Commission process and review your September 6, 2007. comments more efficiently, please use Pursuant to Section 19(b)(1) of the only one method. The Commission will Securities Exchange Act of 1934 post all comments on the Commission’s (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Internet Web site (https://www.sec.gov/ notice is hereby given that on August rules/sro.shtml). Copies of the 30, 2007, the Philadelphia Stock submission, all subsequent Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) amendments, all written statements filed with the Securities and Exchange with respect to the proposed rule Commission (‘‘Commission’’) the change that are filed with the proposed rule change as described in Commission, and all written Items I, II, and III, below, which Items communications relating to the have been substantially prepared by the proposed rule change between the Phlx. The Commission is publishing Commission and any person, other than this notice to solicit comments on the proposed rule change from interested those that may be withheld from the persons. public in accordance with the provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s available for inspection and copying in Statement of the Terms of Substance of the Commission’s Public Reference the Proposed Rule Change Room, 100 F Street, NE., Washington, The Phlx proposes to eliminate from DC 20549, on official business days the XLE Fee Schedule: (1) the execution between the hours of 10 a.m. and 3 p.m. fee for incoming NMS Linkage Orders; Copies of such filing also will be and (2) another reference to NMS available for inspection and copying at Linkage Orders that appears in a the principal office of the Phlx. All footnote. The text of the proposed rule comments received will be posted change is available on the Exchange’s without change; the Commission does Web site at https://www.Phlx.com. not edit personal identifying II. Self-Regulatory Organization’s information from submissions. You Statement of the Purpose of, and should submit only information that you wish to make available publicly. All Statutory Basis for, the Proposed Rule Change submissions should refer to File Number SR–Phlx–2007–61 and should In its filing with the Commission, the be submitted on or before October 3, Phlx included statements concerning the purpose of and basis for the 2007. proposed rule change and discussed any For the Commission, by the Division of comments it received on the proposed Market Regulation, pursuant to delegated rule change. The text of these statements 10 authority. may be examined at the places specified Florence E. Harmon, in Item IV below. The Phlx has prepared Deputy Secretary. summaries, set forth in sections A, B, [FR Doc. E7–17959 Filed 9–11–07; 8:45 am] and C below, of the most significant aspects of such statements. BILLING CODE 8010–01–P A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change jlentini on PROD1PC65 with NOTICES 1. Purpose The purpose of the proposed rule change is to delete a fee that is no longer applicable due to the termination of the 1 15 10 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 18:43 Sep 11, 2007 2 17 Jkt 211001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00148 Fmt 4703 Sfmt 4703 NMS Linkage Plan (‘‘Plan’’).3 The Plan was utilized by certain exchanges, including Phlx, for the purpose of routing and receiving orders in NMS Stocks. The Plan ended by its own terms on June 30, 2007.4 Phlx had imposed a fee on incoming NMS Linkage Orders of $0.003 per share executed on XLE. Since the end of the Plan, this fee is no longer applicable and Phlx proposes deleting it from the XLE Fee Schedule. In addition, Phlx proposes deleting a reference to ‘‘liquidity provided by NMS Linkage Orders’’ in footnote 2 of the XLE Fee Schedule. With the termination of the Plan, there will be no more orders sent to Phlx over NMS Linkage and therefore no liquidity provided by NMS Linkage Orders. 2. Statutory Basis The Exchange believes that its proposal to amend its schedule of fees is consistent with Section 6(b) of the Act 5 in general, and furthers the objectives of Section 6(b)(4) of the Act 6 in particular, in that it is an equitable allocation of reasonable fees and other charges among Exchange members. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act 7 and paragraph (f)(2) of Rule 19b–4 8 thereunder, because it establishes or changes a due, fee, or other charge imposed by the Exchange. At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, 3 See Securities Exchange Act No. 54551 (September 29, 2006), 71 FR 59148 (October 6, 2006). 4 See id. 5 5 U.S.C. 78f(b). 6 15 U.S.C. 78f(b)(4). 7 15 U.S.C. 78s(b)(3)(A)(ii). 8 17 CFR 240.19b–4(f)(2). E:\FR\FM\12SEN1.SGM 12SEN1 Federal Register / Vol. 72, No. 176 / Wednesday, September 12, 2007 / Notices or otherwise in furtherance of the purposes of the Act. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: For the Commission, by the Division of Market Regulation, pursuant to delegated authority.9 Florence E. Harmon, Deputy Secretary. [FR Doc. E7–17960 Filed 9–11–07; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Release No. 34–56369; File No. SR–Phlx– 2007–56] • Use the Commission’s Internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Phlx–2007–66 on the subject line. Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to the Definition of Common Stock Paper Comments September 6, 2007. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 notice is hereby given that on August 2, 2007, the Philadelphia Stock Exchange, Inc. (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange All submissions should refer to File Commission (‘‘Commission’’) the Number SR–Phlx–2007–66. This file proposed rule change as described in number should be included on the subject line if e-mail is used. To help the Items I and II below, which Items have been substantially prepared by the Commission process and review your Exchange. On August 30, 2007, the comments more efficiently, please use only one method. The Commission will Exchange filed Amendment No. 1 to the post all comments on the Commission’s proposed rule change. The Commission is publishing this notice to solicit Internet Web site (https://www.sec.gov/ comments on the proposed rule change, rules/sro.shtml). Copies of the as amended, from interested persons. submission, all subsequent jlentini on PROD1PC65 with NOTICES • Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Phlx. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx–2007–66 and should be submitted on or before October 3, 2007. VerDate Aug<31>2005 18:43 Sep 11, 2007 Jkt 211001 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt Phlx Rule 800 providing for a definition of the term ‘‘common stock,’’ as used in Phlx Rules 800–899. In those rules, the term ‘‘common stock’’ will include any security of an issuer designated as common stock and any security of an issuer, however designated, which by statute or by its terms, is a common stock (e.g., a security which entitles the holders thereof to vote generally on matters submitted to the issuer’s security holders for a vote). This definition is substantially similar to NYSEArca Equities Rule 5.1(b)(12). The text of the proposed rule change is available on the Exchange’s Web site at https://www.Phlx.com/exchange/ phlx_rule_fil.html, at the Exchange, and at the Commission’s Public Reference Room. 9 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 PO 00000 Frm 00149 Fmt 4703 Sfmt 4703 52193 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to adopt Phlx Rule 800 providing for a definition of the term common stock as used in Phlx Rules 800–899.3 The term common stock is typically used to refer to a security issued by corporations in the United States, whose holders have a residual right to the corporation. However, at times, another name may be given to this security or this type of security may not be issued by a corporation.4 Phlx believes that the proposed definition reflects the fact that the term common stock is not always given to a security that has the characteristics of a common stock or that the issuer of this type of security is not always a corporation. By adopting this new, expanded definition of common stock, Phlx would be permitted to list and trade, pursuant to unlisted trading privileges (‘‘UTP’’), securities of issuers that have the characteristics of common stock, even though the security is not designated as common stock. Phlx is permitted to trade certain securities that are not listed on Phlx pursuant to provisions of the Act, the rules thereunder, and Phlx Rules. Section 12(f)(1)(A)(i) of the Act states that ‘‘any national securities exchange, in accordance with the requirements of this subsection and the rules hereunder, may extend unlisted trading privileges to any security that is listed and registered on a national 3 The proposed definition in Phlx Rule 800(a) is identical to the definition of common stock in Phlx Rule 812(d)(2), which, by its terms, is limited to Phlx Rule 812. The definition in proposed Phlx Rule 800(a) would be applicable to Phlx Rules 800– 899. 4 For example, the Blackstone Group, L.P., a limited partnership, recently listed their common units representing limited partner interests on the New York Stock Exchange (‘‘NYSE’’). However, the NYSE Web site page on Blackstone Group, L.P., https://www.nyse.com/about/listed/bx.html, describes the security as common stock. E:\FR\FM\12SEN1.SGM 12SEN1

Agencies

[Federal Register Volume 72, Number 176 (Wednesday, September 12, 2007)]
[Notices]
[Pages 52192-52193]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-17960]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56361; File No. SR-Phlx-2007-66]


Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to Deletion of the NMS Linkage Fee

September 6, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on August 30, 2007, the Philadelphia Stock Exchange, Inc. (``Phlx'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III, below, which Items have been substantially prepared by the 
Phlx. The Commission is publishing this notice to solicit comments on 
the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Phlx proposes to eliminate from the XLE Fee Schedule: (1) the 
execution fee for incoming NMS Linkage Orders; and (2) another 
reference to NMS Linkage Orders that appears in a footnote. The text of 
the proposed rule change is available on the Exchange's Web site at 
https://www.Phlx.com.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Phlx included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Phlx has prepared summaries, set forth in sections 
A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to delete a fee that is 
no longer applicable due to the termination of the NMS Linkage Plan 
(``Plan'').\3\ The Plan was utilized by certain exchanges, including 
Phlx, for the purpose of routing and receiving orders in NMS Stocks. 
The Plan ended by its own terms on June 30, 2007.\4\ Phlx had imposed a 
fee on incoming NMS Linkage Orders of $0.003 per share executed on XLE. 
Since the end of the Plan, this fee is no longer applicable and Phlx 
proposes deleting it from the XLE Fee Schedule. In addition, Phlx 
proposes deleting a reference to ``liquidity provided by NMS Linkage 
Orders'' in footnote 2 of the XLE Fee Schedule. With the termination of 
the Plan, there will be no more orders sent to Phlx over NMS Linkage 
and therefore no liquidity provided by NMS Linkage Orders.
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    \3\ See Securities Exchange Act No. 54551 (September 29, 2006), 
71 FR 59148 (October 6, 2006).
    \4\ See id.
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2. Statutory Basis
    The Exchange believes that its proposal to amend its schedule of 
fees is consistent with Section 6(b) of the Act \5\ in general, and 
furthers the objectives of Section 6(b)(4) of the Act \6\ in 
particular, in that it is an equitable allocation of reasonable fees 
and other charges among Exchange members.
---------------------------------------------------------------------------

    \5\ 5 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act \7\ and paragraph (f)(2) of Rule 19b-4 \8\ 
thereunder, because it establishes or changes a due, fee, or other 
charge imposed by the Exchange. At any time within 60 days of the 
filing of the proposed rule change, the Commission may summarily 
abrogate such rule change if it appears to the Commission that such 
action is necessary or appropriate in the public interest, for the 
protection of investors,

[[Page 52193]]

or otherwise in furtherance of the purposes of the Act.
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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2007-66 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2007-66. This file 
number should be included on the subject line if e-mail is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of such filing also will be available for 
inspection and copying at the principal office of the Phlx. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-Phlx-2007-66 and should be 
submitted on or before October 3, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-17960 Filed 9-11-07; 8:45 am]
BILLING CODE 8010-01-P
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